https://www.taxtmi.com/caselaws?id=759648 ITAT Jaipur quashed reassessment proceedings initiated under sections 147/148. The AO issued notice based on investigation wing information alleging bogus long-term capital gains claimed exempt under section 10(38). ITAT held the reasons recorded were legally insufficient as the AO failed to demonstrate independent application of mind to received information, did not paraphrase investigation reports, and failed to enclose relevant documents with reasons. Additionally, the AO incorrectly stated the assessee had not declared capital gains when the return clearly showed exempt income under section 10(38). The reassessment notice and consequent order were declared illegal and quashed in favor of the assessee. en-us Mon, 30 Sep 2024 00:00:00 +0530 Sat, 05 Oct 2024 08:54:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759648 ITAT Jaipur quashed reassessment proceedings initiated under sections 147/148. The AO issued notice based on investigation wing information alleging bogus long-term capital gains claimed exempt under section 10(38). ITAT held the reasons recorded were legally insufficient as the AO failed to demonstrate independent application of mind to received information, did not paraphrase investigation reports, and failed to enclose relevant documents with reasons. Additionally, the AO incorrectly stated the assessee had not declared capital gains when the return clearly showed exempt income under section 10(38). The reassessment notice and consequent order were declared illegal and quashed in favor of the assessee. Case-Laws Income Tax Mon, 30 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759648